Econ 1014 Exam 1 Study Guide

# An economist would say that nba star kobe bryant who

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4) An economist would say that NBA star Kobe Bryant, who was offered a multi-million dollar contract to play basketball after high school, decided not to attend college because: a. He failed to recognize the marginal benefits to him of a college education b. He is irrational c. He overestimated the cost of a college education d. The opportunity cost of college was too high for him e. He couldn’t afford the tuition 5) Maria decides to spend an additional hour working overtime rather than watching a video with her friends. She earns \$9 per hour at her job. Her opportunity cost of working this extra hour is: a. The enjoyment she would have received had she watched the video b. The \$9 she earns c. The \$9 she earns minus the enjoyment she would have received from watching the video d. Nothing, since she would received less than \$9 of enjoyment from the video e. The cost of renting the video minus the \$9 she earned while working 6) Because we can be at only one place at a time we have to make choices between activities that we would like to participate in. For example, if we decide to spend the weekend on the ski slopes with friends we can’t spend the weekend working. This is an example of: 7) Suppose we are doing a cost-benefit analysis and I want to know the value to you of the friendship you make in college. Which of the following questions would best help me determine this? a. How much more would you pay to attend college where you were able to make a lot of good friends than to attend a similar college where you didn’t get the chance to make friends? b. What is the least amount of money you would be willing to pay to attend college if friendship was the only benefit you felt you would get out of college? c. What is the opportunity cost to you of friendship? d. All of the above e. None of the above 8) Suppose that you have the opportunity to do one of the following three things with you time following the completion of your bachelors degree at the University of Missouri: 1. You are offered a job with economics consulting firm paying \$50,000 per year, 2. Your best friend invites you to travel with him on cross-continent trip through Western Europe for the year, 3. You’re considering attending graduate school to earn an MBA degree. If you chose to travel through Europe, what is the cost to you of the trip?

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